CBA chairman to step down

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The Commonwealth Bank of Australia has announced that its current chairman, David Turner, will retire from the board at the end of December.

He has been part of the board since 2006 and has served as chairman since 2010.

“I have greatly enjoyed my time on the board of the Commonwealth Bank and especially as chairman for the past seven years. It has been a privilege to work with an exceptional board and management team,” Turner said.

“The strength of CBA meant that following the Global Financial Crisis it was able to continue supporting its customers, accelerate innovation and fulfil its vital role in the broader Australian economy. It has been exciting to be chairman of the bank in such a fast changing environment.”

Turner will be succeeded by Catherine Livingstone who has been a non-executive director for the bank since March 2016. While previously sitting as chairman of Telstra and chief executive officer of Cochlear, she is currently the president of the Business Council of Australia and will step down from this position in November.

“Catherine’s strong business experience complemented by her interest in technology and innovation will mean she will be an excellent and well-qualified chairman,” Turner said.

Livingstone said she was honoured to be appointed as chairman for CBA and expressed her admiration for Turner and what he brought to the role.

“David will be stepping down from the board with a legacy of firm and decisive leadership, but always bringing a sense of compassion and humility to any discussion. His relentless focus on long-term investment in the bank has also been coupled with a passion for driving diversity and positive community impact.”